Both domestic and global financial institutions say Korea’s per capita GDP, which has remained in the doldrums since it broke through the $20,000 level in 2007, is now ready to reach another milestone in its growth trajectory ― $30,000 in three or four years. But none should be deluded by this phenomenal growth projection for per capita GDP, denominated in the U.S. dollar, because it hardly means proportional growth in the Korean won-denominated family income. It is rather juxtaposed against an

The transition team of President-elect Park Geun-hye is moving to shorten Korea’s notoriously long working hours in a bid to improve the quality of workers’ lives, promote job sharing and stimulate efforts to enhance productivity.On the campaign trail, Park pledged a set of measures to reform the labor market. One key promise was to reduce Korea’s work hours to the OECD average by 2020.In 2010, Korean workers put in 2,193 hours on average, more than 400 hours longer than the OECD average of 1,74

This year promises to be a tough year for the National Tax Service as it faces the challenge of reining in the underground economy to maximize tax revenue and help President-elect Park Geun-hye finance her welfare pledges.Park’s welfare projects call for a total of 134 trillion won ($126 billion) during her five-year term. She promised to secure the necessary funds without raising tax rates or creating new taxes. She said she would secure 81 trillion won by reforming the budget and the remaining

As president-elect in January 2008, Lee Myung-bak said at a news conference that he was working on a grand infrastructure project: a plan to turn the nation’s four largest rivers into canals for more efficient inland transportation. In the face of mounting resistance from the opposition parties and diehard environmentalist groups, however, he backed off and promised not to pursue the project.But in December the same year, he came up with a four-river project again, this time aimed at improving t

In a nation under the constant threat of hostilities from outside, it is a matter of course to place top priority on national defense. That is what President-elect Park Geun-hye has promised to do in unmistakable terms.Park, who committed herself to watertight security during her campaign, said it is necessary to ensure that North Korea will be made to pay a high price for its military adventurism. She said South Korea will have to develop a full capacity for retaliation if it is to make the Nor

One of the bills that lawmakers should pass promptly when the National Assembly convenes later this month is the government proposal aimed at helping Korean companies that operate abroad to repatriate their operations.The Ministry of Knowledge Economy submitted the bill to the Assembly last November, but it has since been put on the back burner. Yet the bill deserves prompt action as it would promote job creation and stimulate economic growth.The ministry has recently commissioned Samjong KPMG,

President Lee Myung-bak is moving to issue a special pardon before his term expires on Feb. 24. A presidential spokesman has confirmed the rumors that Lee is considering exercising his right to a pardon before leaving office.The spokesman tried to justify Lee’s move by saying that there have been a lot of calls for executive clemency from religious, business and political circles. Yet he said nothing has been decided regarding the timing and beneficiaries of the proposed pardon. These details wi

Outgoing President Lee Myung-bak vowed to downsize the government to reduce regulation and enhance national competitiveness when he took office five years ago. Over the course of his presidency, however, the number of state public officials rose by 10,773 to 615,487, according to figures from the Ministry of Public Administration and Security. Counting employees at local administrations, the number of civil servants saw an increase of 25,600 to 988,755.The surge in public service manpower was du

In the first days of the New Year, a string of suicides has reminded Koreans of a gloomy aspect of their society. The most notable of the deaths is that of former pro-baseball player Cho Sung-min, who was found hanged at his girlfriend’s home in Seoul on Sunday. He was the ex-husband of late actress Choi Jin-sil, who killed herself in 2008 after suffering from depression for years following their divorce. Two years later, her younger brother, an actor and singer, also committed suicide in the pr

In a departure from the convention of holding extraordinary sessions on even-numbered months, the National Assembly is set to open a session later this month, possibly as early as next week. This session will be primarily geared toward helping President-elect Park Geun-hye launch her administration on Feb. 25.One of the first tasks to be done is the revision of the government organization law, with President-elect Park determined to split some of the government agencies for the creation of new m

The main opposition Democratic United Party was put in paralysis when it was defeated in the Dec. 19 presidential election. That was understandable. What party could operate normally in such a crisis?By this time, however, the party should have selected an interim leader tasked with the job of pulling the party together, evaluating the outcome of the presidential election and supervising its operation until a new leadership is elected in a national convention later this year. Belatedly, factions

The presidential transition team has set sail to lay the foundations for the new government. On Sunday, the 26 members of the team held their inaugural meeting and resolved to do their best for a trouble-free launch of the new administration.The transition committee will be operating for some 50 days until President-elect Park Geun-hye is sworn in on Feb. 25. Compared with previous teams, its launch was about 10 days late. It may have to rush to ensure that the new government hits the ground run

The ruling Saenuri Party is seeking to address a drawn-out labor dispute at Ssangyong Motor Co. The party’s floor leader Lee Han-koo, accompanied by other lawmakers, visited the company’s factory in Pyeongtaek last Thursday and met with company officials and union leaders.Lee’s visit was exceptional, given that ruling party leaders have seldom shown up at the scene of labor disputes. He said he went there to see if there was anything that political circles could do to resolve the company’s prolo

President-elect Park Geun-hye reaffirmed her commitment to close the country’s deep divides along ideological, generational and regional lines when she launched a special committee on national unity last month.She appointed two senior politicians from the Jeolla region, the stronghold of the main opposition party, to lead the panel, apparently hoping that the move would help ease the deep-rooted rivalry between the southwestern and southeastern parts of the country.It is regretful and deplorable

A recent report on the country’s immigration policy should draw attention from the public as well as government policymakers as a catalyst for their far-sighted views on how to secure long-term sustainable growth and social vitality.The report, submitted by the Migration Research and Training Center to the Justice Ministry, proposed increasing the number of foreign nationals here, which stood at 1.44 million last year, to 3 million by 2030. If not, the paper predicted, the nation would begin to